EVgo May be Primed for a Breakout

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Written By Jackson Hartwell

Electric vehicle (EV) charging company EVgo, Inc. announced that it has registered more than 1 million customers to its fast-charging network, indicating a significant growth in demand and “a 400% increase since April 2020.”

EVgo went public in November 2020 but has since dropped 78.05% due to supply concerns post-COVID, high installation costs, and compatibility issues affecting the thermodynamics of the charging infrastructure.

However, given its strategic partnerships with automotive companies, EVgo is well-positioned for long-term growth.

Company Overview

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EVgo, Inc. operates one of the largest public fast-charging networks for electric vehicles in the United States. The company partners with various automotive manufacturers to provide integrated EV charging solutions, aiming to enhance the accessibility and convenience of EV charging for consumers.

EVgo’s Partnership with OEMs

EVgo’s success has been bolstered by its strategic partnerships with original equipment manufacturers (OEMs) such as Nissan, GM, Subaru, Toyota, Tesla, BMW, Kia, and Hyundai. These partnerships have facilitated the provision of custom charging solutions to vehicle manufacturers.

For instance, Nissan EV customers receive EVgo charging upon the purchase or lease of their vehicles. In 2022, Subaru selected EVgo as its preferred EV charging destination, citing 100% renewable electricity, reliable customer service, and shorter lead times for fast charging as key features.

EVgo’s partnership with Toyota in North America allowed Toyota bZ4X battery electric SUV customers to access complimentary charging at EVgo’s public fast charging stations for a year.

Despite the bZ4X SUV (2024 edition) no longer being eligible for the Federal tax credit of $7,500, Toyota’s increasing plug-in EV sales, which totaled 657,327 cars in 2023, underscore the growing importance of this collaboration.

The relationship between Toyota and EVgo is gaining momentum, particularly in California, where Toyota has announced the installation of DC fast chargers (DCFC) at every EVgo charging stall in the state.

This initiative is part of Toyota’s Impact Vision project, which aims to accelerate electrification goals while helping EVgo expand its charging network.

Revenue Growth Over the Years

Since FY 2020, EVgo’s revenues have surged more than 1000%, from $14.6 million to $161 million in 2023, driven by the EV revolution. The company plans to expand to over 46,000 chargers in the US, with at least 3,240 charging stalls already operational in 35 states.

Research indicates that over 61,000 publicly accessible EV charging stations exist in the US, with six in every ten Americans living within two miles of a public EV charger.

EVgo’s customer base has grown significantly, with more than 130 million US residents living within a 10-minute radius of its fast-charging stations. In Q1 2024, EVgo’s revenue grew 118% year-over-year to $55.2 million, with a gross profit of $6.8 million and a margin improvement from 0.2% to 12.4%.

The Influence of Autocharge+

EVgo’s prominence in the fast-charging space has been bolstered by the Autocharge+ feature, introduced in 2022. This technology allows EV drivers to plug in their vehicles without needing an application or physical cash payments, with identification, authorization, and payments occurring in the background.

By the end of FY 2023, EVgo’s customer base exceeded 884,000, with more than 110,000 additions in Q4 2023 alone.

Additionally, EVgo is deploying Tesla’s North American Charging Standard (NACS) connectors to enhance compatibility with Tesla and non-Tesla vehicles. This move, along with the existing Combined Charging System (CCS), aims to increase EVgo’s competitiveness by broadening its network’s accessibility.


EVgo is currently trading above $2 with a market cap of $649.37 million. Its forward price-to-book ratio stands at 0.41 against the industry average of 2.48, indicating that the stock is slightly undervalued relative to its assets.


Despite recording revenue of $55.2 million in Q1 2024, EVgo posted a net loss of $28.2 million, which is more than half the revenue obtained. However, this loss was 22.95% lower than that recorded in Q4 2023. EVgo also needs to update its rate data to maintain compatibility with new tariffs as it adopts new EV models into its charging features.

Updating its pricing points from energy utilities based on consumption is essential for growing revenues.

Bottom Line

Credits: DepositPhotos

EVgo’s strategic partnerships with OEMs are a turning point in the company’s future earnings as it expands its competitive landscape. With these new collaborations, the company has increased its annual revenue by more than 1000% since 2020, indicating a growth trajectory into 2025. However, the company’s net loss in Q1 2024, which was more than half the revenue recorded, shows that more alignment in pricing is needed as it embraces new EV models into its network.


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